Octave, a provider of value-based blended behavioral healthcare, announced that it has raised $52 million in Series C funding, bringing its total funding to $86 million.
Cigna Ventures, Novo Holdings and Avidity Partners led the round, with participation from existing investors Greycroft Partners, Health Velocity Capital, Obvious Ventures, Company Ventures and Felicis venture capital.
What it can do
Octave provides in-person and virtual behavioral healthcare and provides individualized care plans for couples, individuals and families. The company is an in-network provider of employer-sponsored insurance plans through multiple payers. Its physical facilities are located in California, Connecticut, Florida, New Jersey, New York, Texas, and Washington, D.C.
The San Francisco-based company will use the funds this year to expand its presence nationwide, establish a presence in all 50 states by 2024, and release new tech-focused offerings for providers and payers .
“The need for mental health services is higher than ever, but our mission goes beyond ensuring access to care, But actually works for patients and is sustainable for mental health providers. With this raise, our goal is to go beyond directly promoting care to try to influence how the whole system works – How to pay for care, how to find care, and the tools we use to support care,” said Sandeep Acharya, Octave Co-Founder and CEO said in a statement.
Market Snapshot
Octave Receives$20M Series B to Scale Operations in 2021 – 2019A Round of financing 11 million US dollars.
Another employer-focused provider of hybrid behavioral healthcare is Lyra Health, which raised Series F funding last year Up to $235 million in funding. In 2021, it raised $200 million in funding in June and $187 million in Series E funding in January.
Spring Health also offers digital mental health services and in-person psychiatry classes. The company announced in April that it had raised $71 million, raising its valuation to $2.5 billion. The round comes two years after the company raised $190 million in Series C funding.
